Borrowers

Declined by the Bank?

Borrow with Armada

We work with families every day and know how it feels when you have no one to turn to when looking for a mortgage. With low rates and fees, Armada provides you with a short term solution as an alternative mortgage lender, while helping you improve your credit to bridge back towards using a conventional lender in the future. As a Mortgage Investment Corporation (MIC), our experienced team has supported countless families by being able to offer more flexible criteria for approving mortgages.

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How do I know if I Qualify?

Borrower Qualifications

  • You own your home

    Armada mortgage Borrowers must own their own home as a pre-qualification for new financing or refinancing.

  • The property is located in BC, AB or ON

    Armada Mortgage is licensed in the provinces of British Columbia, Alberta and Ontario.

  • Contact us today

    There are other factors that will affect your ability to get financing, please call our office to talk to us about your file.

Borrow with us

  • We're here to help

    Borrower FAQ

    • Our rates are higher than the bank because we are an equity lender. Most clients will utilise our services for shorter terms such as one or two years as part of their financial planning. Financing with an alternative lender will have a number of factors that affect pricing. 

    • No, you do not need to have a mortgage broker to borrow from Armada, but may work with one if you choose. Our in-house team of underwriters and customer service representatives are happy to guide you through the process with or without a mortgage broker. 

    • An alternative mortgage lender is an entity that provides financing for the purchase of real estate. They have more flexible criteria for approving mortgages in comparison to a traditional bank. With recent tightened lending rules being imposed on financial institutions by the federal government, many borrowers have turned to a MIC for alternative borrowing solutions.

    • If you were declined by the bank due to a poor credit score and/or an insufficient income, an alternative mortgage lender has more flexible criteria and considers the amount of equity you have/will have. Our mortgage products are a short term solution to help build your credit to be able to return to a conventional lender.

    • To initiate a payout, we will need to receive a payout request from your lawyer. For BC residents only, you may use a lawyer or a notary. This can be emailed to admin@armadamortgage.com or faxed to 604-467-6409.

    • After your lawyer (or notary if in BC) has sent the payout request to admin@armadamortgage.com, our staff will begin preparing the paperwork as soon as possible. A payout involves a review process which can take 5 – 7 business days. Armada works on payouts in the order they are received, please plan accordingly for your timeline.

    • Please contact our accounting department to discuss an alternative payment. We can arrange to take your make up payment in the same way that we take your regular mortgage payment. If you can’t make your payment, please contact our office as soon as possible to strategize, as clear communication makes it much easier for us to assist. 

    • Armada typically sends requests when the insurance on file for a borrower’s mortgage is coming to the renewal date or end of its term. As part of the mortgage terms, borrowers are required to show valid insurance is in place. Once your renewed insurance is in force, Armada requires you supply our office with a copy of your policy binder. You can send this to our office via email as a pdf, image, screenshot, fax, or a mailed paper copy.

      Please read more on our Insurance Request post for all the requirements and information and you may need.

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